Buying a new home is one of the most exciting stages of your life. It can, however, also be one of the most stressful. If you’re looking to buy a house in London, we’re here to help. Matching people with property is in our blood, so we know how to make the process of buying a house as smooth as possible for you. This guide will give you a comprehensive overview of the buying process, from identifying your desired location to the exciting moving-in day.

Step 1: Budget
Step 2: Requirements
Step 3: Appointing a solicitor
Step 4: Securing a DIP
Step 5: Property search
Step 6: Offers and Mortgage
Step 7: Paperwork & contracts
Step 8: Finalising & moving in!

Step 1: Budget

Before you begin your property search, you will need to know how much you are able to spend. When figuring out your budget, it is important to consider all the costs of buying a house, including legal fees and stamp duty.

If you require a mortgage, you will need to calculate the amount you are able and willing to borrow. Bear in mind that mortgage lenders typically require a minimum deposit of around 5-10% of the property purchase price.If you’re buying a home for the first time, it may be worth considering government initiatives such as the First Home, Shared Ownership or Lifetime ISA schemes to help your budget go further.

You can find out more about how much you can borrow, from our recommended mortgage advisors Rose Capital Partners. Alternatively, there are a number of online mortgage affordability calculators that can give you an accurate idea of how much you are able to borrow.

Struggling with all the mortgage terminology? Our mortgage jargon buster can help.

Step 2: Requirements

Once you have figured out your budget, it is time to establish the search criteria for your dream home. This will help your agent find the best home for you. Firstly, think about which areas you would consider buying a house in and what kind of property you are looking for. Identify your must-haves and deal-breakers, as well as when you want to move by.

Next, find your nearest Marsh & Parsons office, which will put you in touch with the most suitable agent for the area you are looking in. Finding your dream home is about reaching that perfect balance between what you want, what you can afford and what is available. We’re here to help you find the right property at the right price.

If you’re not sure what area in London is right for you, our area guides can help you decide.

Step 3: Appointing a solicitor

Buying a property is a complex process from a legal standpoint. In order to make the process as smooth as possible, we advise appointing a reliable solicitor or conveyancer to take care of everything so you can focus on finding the right home for you.

What’s the difference between a conveyancer and a solicitor? In short, conveyancers are licensed property lawyers focused mainly on residential property transactions, whereas housing solicitors can deal with a variety of legal issues. Solicitors can be useful if your buying situation involves more complicated legal matters.

It’s important to appoint a solicitor or conveyancer before making an offer on a property, as this will ensure negotiations progress without delay. It also shows the vendor that your offer is credible and that you are serious about moving forward.

Step 4: Securing a DIP

If you require a mortgage, we advise getting a Decision in Principle (DIP) before making an offer on a property. Also known as an Agreement in Principle, this is a written estimate from your chosen mortgage lender outlining the amount they may be prepared to lend you. Typically, a DIP is valid for 30-90 days, and gives you an accurate idea of what you can afford to borrow.

Though a DIP is not necessary to make an offer on a property, it helps let agents and vendors know that you are in a position to buy and for any offers you make to be taken seriously. If you need help on acquiring a DIP, you can get in touch with our recommended mortgage advisors, Rose Capital Partners, by clicking here.

Step 5: Property search

Once you have everything in place, it’s now time for the exciting part - searching for your dream property!

To get a feel of what is available on the market in your desired area, take a look at the fantastic properties we have for sale on our website, where you can adjust your criteria using our intuitive filters. Alternatively, we recommend getting in touch with one of our 27 offices, where our team of local experts will be able to help guide your search and show you the latest properties before they hit the market.

When we have found the right property for you, it is time to make an offer. The amount you offer is entirely up to you, but we will advise you on the best approach to take in order to secure your dream property for the right price.

Step 6: Offers and Mortgage

When a price has been agreed between you and the vendor, a survey will have to be undertaken by an independent surveyor to determine the property’s true value and condition, including any cosmetic and structural issues. A survey is designed to protect you financially by giving you a clear picture of the property you wish to buy. The price of a survey typically ranges between £300-£1,000.

At this stage we will confirm the accepted offer on the vendor’s behalf in writing via a Memorandum of Sale. You may want to request exclusivity, meaning the property will be taken fully off the market.

After your offer has been accepted, you will need to apply for a mortgage with your chosen lender. They will guide you through the application process, which will be based on your DIP and establish your borrowing amount, mortgage length and monthly repayments. Once you have received a mortgage offer from your lender, you can proceed with buildings and life insurance.

Step 7: Paperwork & contracts

The wait is almost over. The last step of the buying process, before completion, is exchanging contracts between you and the vendor. This is a legally binding document when signed will require you to complete the property purchase on the set completion date. Read through your contract carefully, and raise any concerns with your conveyancer or solicitor before signing.

Be sure to organise your household insurance for the day you exchange, as any issues with the property will now be your responsibility.

After the exchange of contracts, your solicitor or conveyancer will require your deposit amount. At this stage, you will be penalised and forfeit your deposit if you pull out of the sale.

Step 8: Finalising & moving in!

Completion day is arguably the most exciting day of the buying process. Funds will be released to the vendor’s solicitor or conveyancer and you will officially be the new owner of the property! You will be able to collect the keys and start moving into your new home.

At Marsh & Parsons, we want to make the process of buying a house as enjoyable as possible for you. To start your property journey with us, please get in touch by clicking the button below.

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The buying process

Start your buying process with Marsh & Parsons

Step 1: Budget

Step 2: Requirements

Step 3: Appointing a solicitor

Step 4: Securing a DIP

Step 5: Property search

Step 6: Offers and Mortgage

Step 7: Paperwork & contracts

Step 8: Finalising & moving in!

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All done

Would you like a…

The buying process

Start your buying process with Marsh & Parsons

Step 1: Budget

Step 2: Requirements

Step 3: Appointing a solicitor

Step 4: Securing a DIP

Step 5: Property search

Step 6: Offers and Mortgage

Step 7: Paperwork & contracts

Step 8: Finalising & moving in!

Stamp Duty

First-Time Buyers

Buy to Let

Matching people and property in London for over 160 years.

About

Contact

Legal

Services

Sign up to my M&P